Delaware |
3359 |
20-5871008 | ||
(State or other jurisdiction of incorporation or organization) |
(Primary Standard Industrial Classification Code Number) |
(I.R.S. Employer Identification No.) |
Edward J. Hejlek General Counsel Enovix Corporation 3501 W. Warren Avenue Fremont, CA 94538 Telephone: (510) 695-2350 |
Matthew B. Hemington John T. McKenna Miguel J. Vega Cooley LLP 3175 Hanover Street Palo Alto, CA 94304 Telephone: (650) 843-5000 Fax: (650) 849-7400 |
Large accelerated filer |
☐ |
Accelerated filer |
☐ | |||
☒ |
Smaller reporting company |
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Emerging growth company |
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Title of Each Class of Securities To Be Registered |
Amount to be Registered (1) |
Proposed Maximum Aggregate Offering Price Per Security |
Proposed Maximum Aggregate Offering Price (3) |
Amount of Registration Fee | ||||
Common Stock, $0.0001 par value per share |
78,155,781 (2) |
$15.65 (3) |
$1,223,137,972.65 |
$133,444.36 | ||||
Warrants to purchase Common Stock |
6,000,000 (4) |
— |
— |
— (5) | ||||
Total |
$1,223,137,972.65 |
$133,444.36 | ||||||
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(1) |
In the event of a stock split, stock dividend or other similar transaction involving the registrant’s common stock (“Common Stock”), in order to prevent dilution, the number of shares of Common Stock registered hereby shall be automatically increased to cover the additional shares of Common Stock in accordance with Rule 416(a) under the Securities Act. |
(2) |
Consists of (i) 78,155,781 shares of Common Stock registered for sale by the selling securityholders named in this registration statement (including the shares referred to in the following clauses (ii), (iii) and (iv)), (ii) 6,000,000 shares of Common Stock issuable upon the exercise of 6,000,000 Placement Warrants (as defined below), (iii) 736,769 shares of Common Stock issuable upon the exercise of stock options beneficially owned by certain affiliates and stockholders of Registrant (previously registered pursuant to the registration statement on Form S-4 (File No. 333-253976) filed on March 8, 2021 and subsequently being registered on this Registration Statement), and (iv) 11,500,000 shares of Common Stock issuable upon the exercise of 11,500,000 Public Warrants (as defined below). |
(3) |
Estimated solely for the purpose of calculating the registration fee in accordance with Rule 457(c) under the Securities Act. The price per share and aggregate offering price are based on the average of the high and low prices of the Common Stock on July 27, 2021, as reported on the Nasdaq Capital Market. |
(4) |
Represents the resale of 6,000,000 Placement Warrants, which were issued on December 4, 2020 and will become exercisable on December 4, 2021. |
(5) |
In accordance with Rule 457(i), the entire registration fee for the Placement Warrants is allocated to the shares of Common Stock underlying the Private Placement Warrants, and no separate fee is payable for the Placement Warrants. |
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up to 6,000,000 shares of Common Stock that are issuable upon the exercise of 6,000,000 warrants (the “ Placement Warrants Sponsor RSVAC |
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up to 11,500,000 shares of Common Stock that are issuable upon the exercise of 11,500,000 warrants (the “ Public Warrants Warrants |
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up to 66,655,781 shares of Common Stock consisting of |
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up to 12,500,000 shares of Common Stock issued in a private placement pursuant to subscription agreements (“ Subscription Agreements |
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up to 6,000,000 shares of Common Stock issuable upon exercise of the Placement Warrants, |
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up to 736,769 shares of Common Stock issuable upon the exercise of stock options, |
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up to 5,750,000 shares of Common Stock issued pursuant to that certain Subscription Agreement, dated September 24, 2020, by and between the Company and Rodgers Capital, LLC, and |
• |
up to 41,669,012 shares of Common Stock issued pursuant to that certain Agreement and Plan of Merger, dated as of February 22, 2021, by and among the Company, RSVAC Merger Sub Inc. and Enovix Operations Inc. (f/k/a Enovix Corporation) and subject to that certain Amended and Restated Registration Rights Agreement (the “ Registration Rights Agreement |
• |
up to 6,000,000 Placement Warrants. We will not receive any proceeds from the sale of shares of Common Stock or Warrants by the selling securityholders pursuant to this prospectus. |
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F-1 |
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F-43 |
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our ability to recognize the anticipated benefits of the Business Combination, which may be affected by, among other things, competition and the ability of the combined business to grow and manage growth profitably; |
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costs related to the Business Combination; |
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our financial and business performance; |
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changes in our strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects and plans; |
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the future demand for lithium-ion battery solutions; |
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our ability to achieve broader market acceptance of its 3D lithium-ion battery; |
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the effect of the ongoing coronavirus (“COVID-19”) pandemic or other infectious diseases, health epidemics, pandemics and natural disasters on our business; |
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changes in our strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects and plans; |
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the implementation, market acceptance and success of our business model and growth strategy; |
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our ability to scale in a cost-effective manner; |
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our ability to raise capital; |
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developments and projections relating to our competitors and industry; |
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the impact of government laws and regulations and liabilities thereunder; |
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the outcome of any known and unknown litigation and regulatory proceedings; and |
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other risks and uncertainties set forth in the section titled “ Risk Factors |
• | We will need to improve our energy density, which requires us to implement higher energy density materials for both cathodes and anodes, which we may not be able to do. |
• | We rely on a new and complex manufacturing process for our operations: achieving production involves a significant degree of risk and uncertainty in terms of operational performance and costs. |
• | We currently do not have a manufacturing facility to produce our lithium-ion battery cell in sufficient quantities to meet expected demand, and if we cannot successfully locate and bring an additional facility online, our business will be negatively impacted and could fail. |
• | We may not be able to source or establish supply relationships for necessary components or may be required to pay costs for components that are more expensive than anticipated, which could delay the introduction of our product and negatively impact our business. |
• | We may be unable to adequately control the costs associated with our operations and the components necessary to build our lithium-ion battery cells. |
• | If our batteries fail to perform as expected, our ability to develop, market and sell our batteries could be harmed. |
• | Operational problems with our manufacturing equipment subject us to safety risks which, if not adequately addressed, could have a material adverse effect on our business, results of operations, cash flows, financial condition or prospects. |
• | The battery market continues to evolve and is highly competitive, and we may not be successful in competing in this industry or establishing and maintaining confidence in our long-term business prospects among current and future partners and customers. |
• | If we are unable to attract and retain key employees and qualified personnel, our ability to compete could be harmed. |
• | We are an early-stage company with a history of financial losses and expect to incur significant expenses and continuing losses for the foreseeable future. |
• | We may become subject to product liability claims, which could harm our financial condition and liquidity if we are not able to successfully defend or insure against such claims. | ||
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• | We have been, and may in the future be, adversely affected by the global COVID-19 pandemic. |
• | We do not have adequate funds to acquire our next manufacturing facility and build it out, and may need to raise additional capital, which we may not be able to do. |
• | We rely heavily on our intellectual property portfolio. If we are unable to protect our intellectual property rights, our business and competitive position would be harmed. |
• | We could face state-sponsored competition from overseas, and may not be able to compete in the market on the basis of price. |
• | We have identified material weaknesses in our internal control over financial reporting. If we are unable to remediate these material weaknesses, or if we identify additional material weaknesses in the future or otherwise fail to maintain an effective system of internal controls, we may not be able to accurately or timely report our financial condition or results of operations, which may adversely affect our business and stock price. |
Shares of Common Stock offered by us | 17,500,000 shares of Common Stock, consisting of (i) 6,000,000 shares of Common Stock that are issuable upon the exercise of 6,000,000 Placement Warrants and (ii) 11,500,000 shares of Common Stock that are issuable upon the exercise of 11,500,000 Public Warrants. | |
Shares of Common Stock outstanding prior to exercise of all Warrants | 145,245,628 shares (as of July 14, 2021). | |
Shares of Common Stock outstanding assuming exercise of all Warrants | 162,745,628 shares (based on total shares outstanding as of July 14, 2021). | |
Exercise price of Warrants | $11.50 per share, subject to adjustment as described herein. | |
Use of proceeds | We will receive up to an aggregate of approximately $201.3 million from the exercise of the Warrants, assuming the exercise in full of all of the Warrants for cash. We expect to use the net proceeds from the exercise of the Warrants for general corporate purposes. See the section titled “ Use of Proceeds | |
Resale of Common Stock and Warrants |
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Shares of Common Stock offered by the selling securityholders | We are registering the resale by the selling securityholders named in this prospectus, or their permitted transferees, and aggregate of 66,655,781 shares of Common Stock, consisting of: • up to 12,500,000 PIPE Shares; • up to 5,750,000 Founder Shares; • up to 6,000,000 shares of Common Stock issuable upon the exercise of the Placement Warrants; • up to 736,769 shares of Common Stock issuable upon the exercise of stock options; and • up to 41,669,012 shares of Common Stock pursuant to the Registration Rights Agreement. In addition, we are registering 11,500,000 shares of Common Stock issuable upon exercise of the Public Warrants that were previously registered. | |
Warrants offered by the selling securityholders | Up to 6,000,000 of Placement Warrants. | |
Redemption | The Public Warrants are redeemable in certain circumstances. See the section titled “ Description of Our Securities - Warrants. | |
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Lock-Up Agreements |
Certain of our securityholders are subject to certain restrictions on transfer until the termination of applicable lock-up periods. See the section titled “Certain Relationships and Related Party Transactions - Lock-Up Agreements. | |
Terms of the offering | The selling securityholders will determine when and how they will dispose of the securities registered for resale under this prospectus. | |
Use of proceeds | We will not receive any proceeds from the sale of shares of Common Stock or Warrants by the selling securityholders. | |
Risk factors | Before investing in our securities, you should carefully read and consider the information set forth in “” beginning on page 7. | |
Nasdaq ticker symbols | “ENVX” and “ENVXW” |
(i) | we do not have sufficient, qualified personnel to prepare and review complex technical accounting issues and effectively design and implement systems and processes that allow for the timely production of accurate financial information in accordance with internal financial reporting timelines to support our current size and complexity (e.g., acquisitions, divestitures and financings); and |
(ii) | we lacked independent review of technical accounting matters. |
• | we have hired a Chief Financial Officer, who is an experienced finance and accounting officer for public companies with extensive experience in developing and implementing internal controls and executing plans to remediate control deficiencies; |
• | we have recruited additional personnel, in addition to utilizing third-party consultants and specialists, to supplement our internal resources; |
• | we have established more robust processes related to the review of complex accounting transactions, preparation of account reconciliations and review of journal entries which are outlined elsewhere in this prospectus; and |
• | we have been and continue to be designing and implementing additional automation and integration in our financially significant systems. |
• | our ability and the cost to develop our new and complex manufacturing process that will produce lithium-ion batteries in a cost-effective manner; |
• | our ability to bring its Fremont manufacturing facility online in a timely and cost-effective manner; |
• | our ability to locate and acquire a new, larger manufacturing facility on commercially reasonable terms; |
• | our ability to build out our new, larger manufacturing facility in a cost-effective manner; |
• | the cost of preparing to manufacture lithium-ion batteries on a larger scale; |
• | the costs of commercialization activities including product sales, marketing, manufacturing and distribution; |
• | our ability to hire additional personnel; |
• | the demand for our lithium-ion batteries and the prices for which we will be able to sell our lithium-ion batteries; |
• | the emergence of competing technologies or other adverse market developments; and |
• | the effects of the COVID-19 pandemic on our business, results of operations and financial condition. |
• | cease selling, incorporating or using products that incorporate the challenged intellectual property; |
• | pay substantial damages; |
• | obtain a license from the holder of the infringed intellectual property right, which license may not be available on reasonable terms or at all; or |
• | redesign our batteries. |
• | actual or anticipated fluctuations in our quarterly financial results or the quarterly financial results of companies perceived to be similar to us; |
• | changes in the market’s expectations about our operating results; |
• | success of competitors; |
• | our operating results failing to meet the expectation of securities analysts or investors in a particular period; |
• | changes in financial estimates and recommendations by securities analysts concerning us or the market in general; |
• | operating and stock price performance of other companies that investors deem comparable to us; |
• | our ability to develop product candidates; |
• | changes in laws and regulations affecting our business; |
• | commencement of, or involvement in, litigation involving us; |
• | changes in our capital structure, such as future issuances of securities or the incurrence of additional debt; |
• | the volume of shares of our securities available for public sale; |
• | any major change in our board of directors or management; |
• | sales of substantial amounts of Common Stock by our directors, executive officers or significant stockholders or the perception that such sales could occur; and |
• | general economic and political conditions such as recessions, interest rates, fuel prices, international currency fluctuations and acts of war or terrorism. |
• | a limited availability of market quotations for our securities; |
• | a determination that our Common Stock is a “penny stock” which will require brokers trading in our Common Stock to adhere to more stringent rules, possibly resulting in a reduced level of trading activity in the secondary trading market for our Common Stock; |
• | a limited amount of analyst coverage; and |
• | a decreased ability to issue additional securities or obtain additional financing in the future. |
• | any derivative action or proceeding brought on our behalf; |
• | any action asserting a claim of breach of fiduciary duty owed by any of our current or former directors, officers or other employees to us or our stockholders; |
• | any action asserting a claim against us by any of our current or former directors, officers or other employees to us or our stockholders arising under the Delaware General Corporation Law, our amended and restated certificate of incorporation or our amended and restated bylaws; |
• | any action or proceeding to interpret, apply, enforce or determine the validity of the amended and restated certificate of incorporation or the amended or restated bylaws (including any right, obligation or remedy thereunder); |
• | any action or proceeding as to which the General Corporation Law of the State of Delaware (the “ DGCL |
• | any action asserting a claim against us or any of our current or former directors, officers or other employees that is governed by the internal affairs doctrine, in all cases to the fullest extent permitted by law and subject to the court’s having personal jurisdiction over the indispensable parties named as defendants. |
Three Months Ended March 31, |
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2021 |
2020 |
Change ($) |
Change (%) |
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(in thousands, except share and per share data) |
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Operating expenses: |
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Cost of revenue |
$ | 1,631 | $ | 371 | $ | 1,260 | 340 | % | ||||||||
Research and development |
5,589 | 2,405 | 3,184 | 132 | % | |||||||||||
Selling, general and administrative |
4,161 | 1,000 | 3,161 | 316 | % | |||||||||||
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Total operating expenses |
11,381 | 3,776 | 7,605 | 201 | % | |||||||||||
Loss from operations |
(11,381 | ) | (3,776 | ) | (7,605 | ) | 201 | % | ||||||||
Other income (expense): |
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Change in fair value of convertible preferred stock warrants |
(4,781 | ) | 66 | (4,847 | ) | (7,344 | )% | |||||||||
Issuance of convertible preferred stock warrant |
— | (1,476 | ) | (1,476 | ) | — | ||||||||||
Change in fair value of convertible promissory notes |
— | (2,422 | ) | (2,422 | ) | — | ||||||||||
Interest expense |
— | (107 | ) | (107 | ) | — | ||||||||||
Other income (expense), net |
(3 | ) | 33 | (36 | ) | (109 | )% | |||||||||
Total other income (expense), net |
(4,784 | ) | (3,906 | ) | (878 | ) | 22 | % | ||||||||
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Loss before income taxes |
(16,165 | ) | (7,682 | ) | (8,483 | ) | 110 | % | ||||||||
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Income tax expense (benefit) |
— | — | — | — | ||||||||||||
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Net loss |
$ | (16,165 | ) | $ | (7,682 | ) | $ | (8,483 | ) | 110 | % | |||||
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Basic and diluted net loss per share |
$ | (0.24 | ) | $ | (0.13 | ) | $ | (0.11 | ) | 85 | % | |||||
Basic and diluted weighted average common shares outstanding |
66,618,009 | 59,716,010 | 6,901,999 | 12 | % |
Three Months Ended December 31, |
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2020 |
2019 |
Change ($) |
Change (%) |
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Operating expenses: |
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Cost of revenue |
$ | 3,375 | $ | 161 | $ | 3,214 | 1,996 | % | ||||||||
Research and development |
14,442 | 12,147 | 2,295 | 19 | % | |||||||||||
Selling, general and administrative |
5,713 | 4,203 | 1,510 | 36 | % | |||||||||||
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Total operating expenses |
23,530 | 16,511 | 7,019 | 43 | % | |||||||||||
Loss from operations |
(23,530 | ) | (16,511 | ) | (7,019 | ) | 43 | % | ||||||||
Other income (expense): |
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Change in fair value of convertible preferred stock warrants |
(13,789 | ) | 260 | (14,049 | ) | (5,403 | )% | |||||||||
Issuance of convertible preferred stock warrants |
(1,476 | ) | — | (1,476 | ) | — | ||||||||||
Change in fair value of convertible promissory notes |
(2,422 | ) | — | (2,422 | ) | — | ||||||||||
Gain on extinguishment of paycheck protection program loan |
1,628 | — | 1,628 | — | ||||||||||||
Interest expense |
(107 | ) | (23 | ) | (84 | ) | 365 | % | ||||||||
Other income (expense), net |
46 | 86 | (40 | ) | (47 | )% | ||||||||||
Total other income (expense), net |
(16,120 | ) | 323 | (16,443 | ) | (5,091 | )% | |||||||||
Loss before income taxes |
(39,650 | ) | (16,188 | ) | (23,462 | ) | 145 | % | ||||||||
Income tax expense (benefit) |
— | — | — | — | ||||||||||||
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Net loss |
$ | (39,650 | ) | $ | (16,188 | ) | $ | (23,462 | ) | 145 | % | |||||
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Basic and diluted net loss per share |
$ | (0.65 | ) | $ | (0.28 | ) | $ | (0.37 | ) | 132 | % | |||||
Basic and diluted weighted average common shares outstanding |
60,645,131 | 57,735,620 | 2,909,511 | 5 | % |
Three Months Ended March 31, |
Years Ended December 31, |
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2021 |
2020 |
2020 |
2019 |
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(in thousands) (unaudited) |
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Net loss |
$ | (16,165 | ) | $ | (7,682 | ) | $ | (39,650 | ) | $ | (16,188 | ) | ||||
Interest expense |
— | 107 | 107 | 23 | ||||||||||||
Income tax expense (benefit) |
— | — | — | — | ||||||||||||
Depreciation and amortization |
141 | 144 | 579 | 509 | ||||||||||||
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EBITDA |
$ | (16,024 | ) | $ | (7,431 | ) | $ | (38,964 | ) | $ | (15,656 | ) | ||||
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Stock-based compensation |
1,555 | 58 | 666 | 328 | ||||||||||||
Change in fair value of convertible preferred stock warrants |
4,781 | (66 | ) | 13,789 | (260 | ) | ||||||||||
Issuance of convertible preferred stock warrants |
— | 1,476 | 1,476 | — | ||||||||||||
Change in fair value of convertible promissory notes |
— | 2,422 | 2,422 | — | ||||||||||||
Gain on extinguishment of paycheck protection program loan |
— | — | (1,628 | ) | — | |||||||||||
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Adjusted EBITDA |
$ | (9,688 | ) | $ | (3,541 | ) | $ | (22,239 | ) | $ | (15,588 | ) | ||||
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Three Months Ended March 31, |
Years Ended December 31, |
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2021 |
2020 |
2020 |
2019 |
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(in thousands) (unaudited) |
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Net cash used in operating activities (GAAP) |
$ | (8,610 | ) | $ | (3,729 | ) | $ | (20,050 | ) | $ | (10,979 | ) | ||||
Capital (expenditures) (GAAP) |
(7,141 | ) | (1,860 | ) | (26,953 | ) | (1,650 | ) | ||||||||
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Free Cash Flow (Non-GAAP) |
$ | (15,751 | ) | $ | (5,589 | ) | $ | (47,003 | ) | $ | (12,629 | ) | ||||
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Three Months Ended March 31, |
Years Ended December 31, |
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2021 |
2020 |
Change ($) |
2020 |
2019 |
Change |
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(in thousands) (unaudited) |
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Net cash used in operating activities |
$ | (8,610 | ) | $ | (3,729 | ) | $ | (4,881 | ) | $ | (20,050 | ) | $ | (10,979 | ) | $ | (9,071 | ) | ||||||
Net cash used in investing activities |
(7,141 | ) | (1,860 | ) | (5,281 | ) | (26,953 | ) | (1,650 | ) | (25,303 | ) | ||||||||||||
Net cash (used in) provided by financing activities |
(76 | ) | 29,012 | (29,088 | ) | 65,920 | 5,788 | 60,132 | ||||||||||||||||
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Change in cash, cash equivalents and restricted cash |
$ | (15,827 | ) | $ | 23,423 | $ | (39,250 | ) | $ | 18,917 | $ | (6,841 | ) | $ | 25,758 | |||||||||
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• | identification of the contract, or contracts, with a customer; |
• | identification of the performance obligations in the contract; |
• | determination of the transaction price; |
• | allocation of the transaction price to the performance obligations in the contract; and |
• | recognition of revenue when, or as, we satisfy a performance obligation. |
• | Formation expansion. |
• | Formation efficiency. 50%-60% of the original lithium in the battery, reducing the battery’s capacity by 50%-60%. |
• | Cycle swelling. |
• | Cycle life. |
Name |
Age |
Position(s) | ||||
Harrold Rust |
59 | President and Chief Executive Officer and Director | ||||
Ashok Lahiri |
60 | Chief Technology Officer | ||||
Cameron Dales |
50 | Chief Commercial Officer | ||||
Steffen Pietzke |
49 | Chief Financial Officer | ||||
Edward J. Hejlek |
65 | General Counsel | ||||
Thurman J. “T.J.” Rodgers |
73 | Chairman of the Board of Directors | ||||
Betsy Atkins (1)(2) |
68 | Director | ||||
Emmanuel T. Hernandez (3) |
66 | Director | ||||
John D. McCranie (2)(3) |
77 | Director | ||||
Michael J. Petrick (1)(3) |
59 | Director | ||||
Gregory Reichow (1)(2) |
51 | Director |
(1) | Member of the Compensation Committee. |
(2) | Member of the Nominating and Corporate Governance Committee. |
(3) | Member of the Audit Committee. |
• | helping the board of directors oversee corporate accounting and financial reporting processes; |
• | managing the selection, engagement and qualifications of a qualified firm to serve as the independent registered public accounting firm to audit our financial statements; |
• | helping to ensure the independence and performance of the independent registered public accounting firm; |
• | discussing the scope and results of the audit with the independent registered public accounting firm, and reviewing, with management and the independent accountants, our interim and year-end operating results; |
• | developing procedures for employees to submit concerns anonymously about questionable accounting or audit matters; |
• | reviewing policies on financial risk assessment and financial risk management; |
• | reviewing related party transactions; |
• | obtaining and reviewing a report by the independent registered public accounting firm at least annually, that describes our internal quality-control procedures, any material issues with such procedures and any steps taken to deal with such issues when required by applicable law; and |
• | approving (or, as permitted, pre-approving) all audit and all permissible non-audit service to be performed by the independent registered public accounting firm. |
• | reviewing and approving, or recommending that our board of directors approve, the compensation of our executive officers and senior management; |
• | reviewing and recommending to our board of directors the compensation of our directors; |
• | reviewing and approving, or recommending that our board of directors approve, the terms of compensatory arrangements with our executive officers; |
• | administering our stock and equity incentive plans; |
• | selecting independent compensation consultants and assessing whether there are any conflicts of interest with any of the committee’s compensation advisors; |
• | reviewing, approving, amending and terminating, or recommending that our board of directors approve, amend or terminate, incentive compensation and equity plans, severance agreements, change-of-control |
• | reviewing and establishing general policies relating to compensation and benefits of our employees; and |
• | reviewing our overall compensation philosophy. |
• | identifying, evaluating and selecting, or recommending that our board of directors approve, nominees for election to our board of directors; |
• | evaluating the performance of our board of directors and of individual directors; |
• | evaluating the adequacy of our corporate governance practices and reporting; |
• | reviewing management succession plans; and |
• | developing and making recommendations to our board of directors regarding corporate governance guidelines and matters. |
• | for any transaction from which the director derives an improper personal benefit; |
• | for any act or omission not in good faith or that involves intentional misconduct or a knowing violation of law; |
• | for any unlawful payment of dividends or redemption of shares; or |
• | for any breach of a director’s duty of loyalty to the corporation or its stockholders. |
• | Harrold Rust, our Co-founder, President and Chief Executive Officer; |
• | Cameron Dales, our General Manager and Chief Commercial Officer; and |
• | Ashok Lahiri, our Co-founder and Chief Technology Officer. |
Name and Principal Position |
Year |
Salary |
Bonus |
Option Awards (1) |
All Other Compensation |
Total |
||||||||||||||||||
Harrold Rust Co-founder, President and Chief Executive Officer |
2020 | $ | 292,868 | $ | — | $ | 1,670,636 | $ | 9,756 | (2) |
$ | 1,973,260 | ||||||||||||
Cameron Dales General Manager and Chief Commercial Officer |
2020 | $ | 291,896 | $ | — | $ | 1,918,137 | $ | 8,757 | (3) |
$ | 2,218,790 | ||||||||||||
Ashok Lahiri Co-founder and Chief Technology Officer |
2020 | $ | 291,896 | $ | — | $ | 1,670,636 | $ | 9,611 | (4) |
$ | 1,972,143 |
(1) | Amounts reported in this column do not reflect the amounts actually received by Legacy Enovix’s named executive officers. Instead, these amounts reflect the aggregate grant-date fair value of awards granted to |
each named executive officer, computed in accordance with the Financial Accounting Standards Board’s (“ FASB ASC |
(2) | Consists of amounts paid for Mr. Rust’s cell phone expenses as well as Legacy Enovix’s 401(k) matching contributions for Mr. Rust during the year. |
(3) | Consists of Legacy Enovix’s 401(k) matching contributions for Mr. Dales during the year. |
(4) | Consists of amounts paid for Mr. Lahiri’s cell phone expenses as well as Legacy Enovix’s 401(k) matching contributions for Mr. Lahiri during the year. |
Option Awards |
||||||||||||||||||||||||||||
Name |
Grant Date (1) |
Vesting Commencement Date (2) |
Number of Securities Underlying Unexercised Options (#) Exercisable |
Number of Securities Underlying Unexercised Options |